Not feeling the crunch

The warehouse market in Poland continued to grow at a healthy pace in the first quarter of 2008, according to a new report from Cushman & Wakefield. The first three months of the year showed a rise in both demand and in the number of completed lease transactions.

During Q1 2008 lease agreements for a total of 471,000 sqm of warehouse space were signed. Some 30 percent of these agreements were concluded by retailers and 28 percent by logistics operators.

Central Poland remained in the lead in terms of concluded lease agreements, with a total take-up of 131,000 sqm. The Warsaw region's take-up amounted to 120,000 sqm and was followed by Upper Silesia, with 100,000 sqm, and Poznań and Wrocław, with 61,000 sqm and 53,000 sqm respectively.

In terms of lease agreements signed in the first quarter, Panattoni ranked first with a 30-percent share of the market, while ProLogis was runner-up with 28 percent. Segro ranked third, with 12 percent. The three developers also remained key players in terms of warehouse stock owned. 

"Despite analysts' gloomy predictions regarding the impact of the credit crunch on the real estate market, the situation on the warehouse market looks promising," summed up Malwina Walkiewicz from the industrial department at Cushman & Wakefield.